Valitor and Caxton FX sign agreement for issuing prepaid cards using multi-currency eWallet technology
The Iceland-based issuing and acquiring services provider, Valitor, and Caxton FX have signed an agreement for the issuing of prepaid cards using multi-currency eWallet technology developed by Valitor.
In real-time, the eWallet helps manage the money of the user and provide a run down of the total available balance and the status of each currency in the wallet - this allows users keep a track of their balance during their travels.
The new card system is the result of a product development project in collaboration with MasterCard and Caxton FX, a UK-based foreign exchange and currency card provider, and is aimed at the UK market.
Valitor states that the eWallet allows users to use the card even if they do not have the required amount in the relevant currency, provided that they have an equivalent amount in other currencies. In total, the user of the card can have up to 15 different currencies in the eWallet.
As part of the agreement, Valitor issues the cards through its MasterCard licence, and manages the permits and settlements with MasterCard.
Furthermore, Valitor manages the status of the eWallets and links them to the relevant card, as well as designing the software system on which all information processing and management is based.
Caxton FX then markets the cards, sells them in the UK market and manages currency purchases for the card, as well as handling all services and direct communications with cardholders.
Vidar Thorkelsson, CEO of Valitor, comments, “Our own software solutions provide the grounds for Valitor’s competitiveness. It is extremely encouraging to see how well they compare with international developments in progressive technology. This ambitious joint venture with Caxton FX and MasterCard provides us with a new and interesting opportunity on the UK market, which is one of our main markets in Europe.”
Managing Director of Caxton FX, James Hickman comments, “We attach great importance to providing Caxton’s clients with high-quality, secure and valuable services. In order to maintain our leading position in currency cards, we need to work with companies, such as Valitor, who share our ambition and vision in creating innovative, flexible and progressive solutions.”
To learn more regarding Valitor’s issuing services, visit www.valitor.com
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